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Wachovia's name will no longer appear on the 2009 PGA Tour tournament it sponsors.
In fact, the tournament won't even use the name of bank's parent company, Wells Fargo [WFC
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], which received $25 billion in TARP funds.
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Chuck Burton / AP |
The company said in a news release issued this afternoon that the tournament, which will be played from April 27-May 3, will instead be renamed the Quail Hollow Championship.
"Wachovia has been proud to support our communities and build our business for the past six years through our involvement with the Wachovia Championship and the PGA Tour, and we had renewed our contract to sponsor the tournament in early 2008," said David Carroll, head of Wells Fargo's Wealth Management, Brokerage and Retirement Services Group.
"Given the merger integration with Wells Fargo and Wachovia, we believe it no longer makes sense to invest in promoting the Wachovia brand via the tournament," said Carroll.
"In the current environment, we also believe that promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders. Also, as a result, our company will not host any client entertainment events in connection with the Championship," he said.
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